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self-control

Marshmallow Test: Want to teach your kids self-control? Ask a Cameroonian farmer. Now for the first time, there’s a study reporting on what happens when psychologists give the marshmallow test to kids outside Western culture, specifically 4-year-old children from the ethnic group Nso in Cameroon. Compared to German children in the experiment, the Cameroonian kids waited, on average, twice as long for the second treat. And way more Cameroonian kids — nearly 70% — waited the full 10 minutes to snag the second marshmallow. Only about 30% of the German kids could hold out.

Source: Addicaid

What to Tell Your Ultra-Rich Kids about Money: Money is the last taboo. People will tell you about their sex life before they will talk about money. Such is the dichotomy for the ultra-wealthy as they work to strike a balance. They want to live well, but they don’t want to spoil their children. They want their kids to be well-adjusted and advantaged, but they don’t want them to lack ambition. Wealthy people on both sides of the equation — the wealth creators and the heirs — often consider it gauche to even discuss money. Some are embarrassed by it.

“What I make a point to do when all my kids have just turned 18 is visit our estate attorney in Richmond who my dad and now me have done business with for 28 years.”

All three children have attended public schools, and all work at the company starting at 11 or 12. They also must work outside the company after college, so they “learn what you have to do to make $100,000 a year.”

“Each child has a small trust set up when they were born that will mature in stages when they graduate from college, turn 30 and, finally, turn 35.”